Coinbase has announced that it has received a regulatory license to operate in Bermuda, allowing the exchange to engage in a wide range of activities including token issuance and sales.
The new subsidiary may start operating as soon as next week, and will offer digital asset exchange and digital asset derivatives exchange services. The license comes just a day after Coinbase CEO, Brian Armstrong, stated that the company is considering leaving the United States due to a lack of regulatory clarity. This has led many in the crypto community to believe that this marks the beginning of the end for Coinbase in the US.
While regulators in the US have done little to regulate the crypto space, Bermuda has a long-standing reputation for high regulatory standards and favorable tax laws, with a 0% corporate tax rate. Coinbase’s approach globally will continue to be consistent with their approach in the US, with a commitment to working with governments and regulators in different markets, while always aiming to be the most trusted and compliant crypto company.